Budgeting

a series of envelopes that are divided into categories and are used to store cash for planned monthly expenses

• intermittent expense

• variable expense

• envelope system

• cash- flow statement

a plan for how you spend your money

• budget

• discretionary expense

• commission

• gross income

this type of expense stays the same each month

• fixed income

• variable expense

• discretionary expense

• fixed expense

expenses that occur at various times throughout the year and tend to be in large lump sums

• variable expense

• intermittent expense

• fixed expense

• discretionary expense

what a person earns after payroll taxes and other deductions are taken out

• irregular income

• commission

• gross income

• net income

an expense that changes based on usage

• fixed expense

• variable expense

• discretionary expense

• intermittent expense

What are the 4 walls?

• Shelter

  Transportation

  Food

  Utilities

• Income

  Giving

  Saving

  Spending

• Fixed

  Variable

  Intermittent

  Discretionary

• None of these

What is the best way to describe a Zero-Based Budget?

• Run your bank account down to zero

• Not having a budget

• A cash flow plan that assigns an expense to every dollar of your income

• Having more expenses than you have income

Which of the following is a WANT?

• food

• water

• TV

• shelter

Which one of the following is a NEED?

• AirPods

• food

• Netflix

• Hulu